Corn Advances on Speculation U.S. Will Lower Supply Estimate
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Corn rose in Chicago, rebounding from a one-week low, and soybeans gained on speculation the U.S. government will lower estimates for supplies of both crops.
World corn inventories before the 2013-14 harvest will probably total 117.5 million metric tons, below the U.S. Department of Agriculture’s 118 million-ton forecast last month, according to the average estimate of 18 analysts surveyed by Bloomberg News. The USDA is set to release its latest outlook tomorrow. Soybean inventories may be 59.31 million tons, under the prior forecast of 59.46 million tons, analysts said.